Alston & Bird Consumer Finance ABstract

New York Laws Require Forbearance for Private Mortgage Loans During COVID Emergency

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A&B ABstract On June 17, 2020, New York Governor Andrew Cuomo signed into law two measures, effective immediately, providing for mortgage forbearances for privately backed residential mortgage loans during the COVID-19 emergency. Senate Bill 8243 (2020 N. Y. Laws 112) amends the N. Y. Banking Law by adding new Section 9-x, “Mortgage Forbearance.”  Senate Bill 8428 (2020 N. Y. Laws 126) relates to state disaster emergency and, among other provisions, amends Section 9-x as added by Senate … [Continue reading] about New York Laws Require Forbearance for Private Mortgage Loans During COVID Emergency

California Privacy Rights Act (CPRA) Will be on November Ballot

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Finances

The California Secretary of State has announced that the California Privacy Rights Act (CPRA) will be on California’s November 3, 2020 ballot.  If approved by California voters, the CPRA would significantly update and amend the California Consumer … [Continue reading] about California Privacy Rights Act (CPRA) Will be on November Ballot

CFPB Issues CARES Act Consumer Reporting FAQs

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A&B ABstract On June 16th, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a Compliance Aid titled "Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic." This Compliance Aid clarifies the Bureau’s April … [Continue reading] about CFPB Issues CARES Act Consumer Reporting FAQs

CFPB Seeks Public Comment on the Advisory Opinion Program

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Global Expenses

A&B Abstract: On June 18, 2020, the Consumer Financial Protection Bureau (“Bureau”) announced the launch of a pilot advisory opinion program (“Pilot Program”) to publicly address regulatory uncertainty in the Bureau’s existing regulations.  … [Continue reading] about CFPB Seeks Public Comment on the Advisory Opinion Program